To help stabilize cash flow, the federal government has given home health providers access to a bevy of financial tools.
For starters, the U.S. Centers for Medicare & Medicaid Services (CMS) began paying out a total of $30 billion in “no strings attached” money to Medicare providers on April 10, drawing from the CARES Act Provider Relief Fund. The Department of Health and Human Services (HHS) is now in the process of sending out an additional $20 billion, with more funding anticipated to be released soon.
In addition to that emergency funding, CMS also expanded its accelerated and advance payment programs, which home health providers can effectively use as loans. After ramping up the loan programs at the end of March, CMS announced on April 26 that it planned to scale them back.
So far, CMS has deployed $100 billion through its accelerated and advance payment programs.
To better understand some of the COVID-19 financial tools within the home health care toolbox, Home Health Care News recently connected with Matt Wolfe, a partner at law firm Parker Poe. The conversation took place on April 24, just two days before CMS changed its accelerated and advance payment policies.
Cash Flow Conversations is a new video series brought to you by HHCN. In each episode, HHCN will connect with a home health financial expert to provide valuable insight into the business trends, policy changes and unexpected challenges impacting providers’ bottom lines.
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